The normal pace of U.S. upstream deal flow slowed—but only slightly—to $21 billion in the first half of 2012, as both natural gas and oil prices hit near-term lows. Natural gas bottomed at a spot price of $2 per MMBtu, $3.27 per MMBtu for the three-year strip, and oil fell below $80 for the spot price, about $85 per barrel for the three-year strip, causing a market slowdown that has extended into the third quarter. Nevertheless, firming commodity prices have raised hope that deal flow could reach its normal full-year ...